The primary difference between a trust and a will is when it becomes active. Wills for example only become active upon the death of the individual that created the will. Trusts are legal arrangements that take affect under specific circumstances. Wills will direct the distribution of the assets by designating heirs and beneficiaries.
At Cicero Legal our Wills and Estate Lawyers provide the following:
A will is a legal document that specifies how your assets will be distributed after your death. It can include instructions that would otherwise require a decision after your death. These include:
A will can also direct the executor to create a trust and appoint a trustee to hold assets to the benefit of particular persons. These include minor children that at a specified age will be able to access the trust assets.
One of the issues that can occur when there is no will in place, is a lack of control over what happens to your assets, debts and the care of any minor children. The distribution of these assets will depend on the local states laws, that generally will allocate a large portion of the estate to your surviving spouse and the remainder equally among any children.
Factors that may influence how you would have divided your assets unequally among your heirs will not be considered. The time for these assets to be distributed will be higher and require a qualified adult relative or friend to apply as an administrator. Cicero Legal also provides will and estate planning for Perth.
To ensure that your assets and wishes are carried out how you would want them to be, contact Cicero Legal for a consultation.
A trust is created when the financial benefit of property is transferred to a third party while keeping legal ownership and control. They will set the terms for a trustee’s management of the assets.
A trust will cover the following aspects:
Types of Trusts:
Call us today to discuss setting up a trust. We’ll be happy to provide you with a free 15-minute consultation.
Estate planning can include both setting up a will and trust as by using both may better suit more complex estates.
When setting up a trust it is important to note that without a will it can present issues when having to distribute assets that are outside of the trust. For large more complex estates it may create an easier pathway to utilise both a trust and will.
If you need assistance with planning your estate, contact Cicero Legal’s professional lawyers for a consultation.
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